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Moody's may upgrade Simon Property
Moody's Investors Service said it placed Simon Property Group on review for upgrade (senior debt at Baa1).
Moody's review reflects the REIT's strong market leadership in U.S. regional malls, sound and consistent track record in integrating and realizing benefits from strategic acquisitions, stable earnings in its core retail property portfolio and enhanced credit metrics.
Moody's said Simon Property will continue to be a successful consolidator and leader in the retail property industry - a sector where such leadership is of particular value.
The following ratings were placed on review for upgrade: Simon Property Group, LP's senior unsecured debt at Baa1 and senior unsecured debt shelf at prospective Baa1; Simon Property Group, Inc.'s preferred stock at Baa2 and preferred stock shelf at prospective Baa2; Corporate Property Investors' senior debt at Baa1; CPG Partners, LP's senior debt at Baa1; and Chelsea Property Group, Inc.'s senior debt at Baa1.
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